Cross-border e-commerce is revolutionizing global retail

Internet retail states that from US$1.9 trillion in 2022, cross-border e-commerce is expected to surpass US$2.1 trillion by 2023. The immense popularity of cross-border sales as a mode of e-commerce and the growing success of Marketplaces are some of the factors that led to this 13 percent growth. The pandemic has further boosted e-commerce revenues in emerging and established economies globally. Retailers should therefore seize the opportunity to grow and reach their customers in different parts of the world.

Today, more and more people are financially and technologically able to shop online and get fair prices for the products they buy, which may not be possible when buying locally. Even companies around the world are always looking to offer quality products at reasonable prices in order to succeed over their competitors, which is driving the need for an effective cross-border business model.

How to build a lucrative cross-border business strategy?

According Forest, cross-border e-commerce is expected to cross the US$1 trillion barrier in 2022, accounting for a total of 20% of e-commerce as a whole. Although cross-border selling may initially seem difficult due to its complex structure, it is not impossible to achieve it if one breaks down the entire trade module into smaller and simplified steps.

A successful international expansion plan requires a comprehensive global market analysis and strategy. First, brands must identify the main market to develop and analyze market trends, customer demands, expectations, competition, market dynamics, etc. Once these points are clarified, it can help decide on a plan to achieve them and maintain the relevance of the brand according to the market.

The other very important factor is your target audience because even if a product is unique, it is not always easy to convince local customers. In addition, it is important to communicate with customers in the local language; all content from websites, images, infographics and newsletters should be communicated in the local language to build trust and brand connection. Since local customers use different search elements to find their products, brands may not see their products if they don’t adopt localized language.

Additionally, brands must identify and analyze the prices, channels and terminology of their international competitors to optimize their entry-level strategy. They must ensure that their prices are at par if not higher than the prices offered for similar products by their competitors. Leveraging niches, regional channels can even help accelerate brand sales in specific regions.

Another very important thing for them is to be aware of all the foreign legal regulations for companies to avoid unnecessary claims and problems.

Pioneer in the global e-commerce market, Amazon is a leader with its cloud computing services for individuals and businesses and its wide range of products such as books, consumer electronics, clothing, furniture, food, toys and jewelry. Having created a new trend among online shoppers, whether through its core membership program or Amazon Pay, it is indeed a tough contender for other online retailers. Magento is another renowned company that promotes cross-border e-commerce with flexible, scalable and secure platform solutions. Bonanza.com, offering high quality products at affordable prices, makes consumers’ shopping experience stress-free. With its years of success and excellence in e-commerce, it is a name to be reckoned with. Lazada, acquired by Alibaba, has 3 million sellers and 550 million products for sale on its site. It is indeed the number one e-commerce site in Southeast Asia.

Technology solutions that support cross-border business operations

Emerging technologies are allowing more and more brands to enter untapped markets to grow their e-commerce market. According BigCommercecross-border technologies allow brands to reach and study demographics in different countries, simplify cross-border shipping and logistics, build distinct market approaches varying from country to country.

Managing sales channel content manually can be quite challenging as each platform has its own attribute standards and requirements which if done manually can be time consuming. Therefore, a centralized dashboard for all the different marketplaces can help retailers maintain consistency, reduce time to market, and eliminate redundant data to post online. Vinculum Software Companya Noida-based organization in omnichannel retail, has deployed a solution to help retailers manage their online business.

His Solution Wine Lister helps brands and retailers manage different channels from a single dashboard. It also aims to help merchants digitize their catalogs. Sellers are required to fill an excel sheet describing their products with attributes like price, SKU, images, etc. It is then validated by the company before pushing it to market, which reduces the risk of rejection, time to market and increases time to sell. The solution will then immediately update all platforms, making the product available to customers as soon as possible, while maintaining consistency of offers and information.

Language Logina UK-based company, offers language translation service. The company’s technology solution helps retailers fully translate content, making it relevant to a particular audience and thus promoting localization.

“When you look at translation, there are so many things you need to be flexible with depending on the type of content. You have to maintain the sense and emotions of the brand that you want to bring to local audiences,” said Patience Seow, Senior Business Development Manager, Language Connect.

Website content creation is crucial, once the website is developed. ODN Digital Services Pvt. Ltd., based in New Delhi, has developed an innovative content solution for e-commerce. It enables the creation of branded content in which, based on the data provided by the brand, the company creates images, photo shoots, content services, digital storytelling to offer a much deeper connection with customers . AR and 3D technologies are also used to help customers understand product fit and sizing.

AI-based technologies are helping retailers automate the retail lifecycle, making it easier to manage e-commerce with its diverse requirements. These tools help in business analysis and monitor business performance. They also help identify business weaknesses and correct them, which can lead to better productivity and product analysis, leading to better return on investment and other benefits. Enalto, Indore-based, is an e-commerce automation platform that helps with these business analytics by providing a comprehensive assessment of consumer behavior and product performance. Its solutions focus on three main aspects which include – analytic deliver the right product to the right customer; to assist for customizing AI to customers; and promotion for targeted promotions and email marketing.

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